FAR BEHIND THE MADDING CROWD: 1H23 Update to the 2023 Global Hedge Fund Survey

Author: Eric Uhlfelder

21 August 2023, BarclayHedge

In 2022, the world’s most consistent managers staved off losses by having successfully navigated a whole host of hazards. On average they delivered modest gains. But compared to the market, they hit a home run. Since then things have inverted. A flat first-half performance of this year’s Top 50 funds suggests managers, most of whom made last year’s list, remained cautious, having expected more fallout. But instead of declining further, the S&P 500’s 17% gain was its best first half in this century, and the Nasdaq’s first-half return of 32% was its best in 40 years. Remarkable, considering the Fed is continuing its monetary tightening, earnings are slowing, and the war in Ukraine is intensifying. This rally caught the most consistent managers flatfooted.

For a copy of the update and the main 2023 Survey, please send a request to Uhlfelder@hotmail.com


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